Exports are forecast to rise from an estimated US$7.1bn in 2010 to US$78.2bn by 2012 on the back of elevated oil prices and a strong recovery in mining and forestry output, even if waning oil output clips the impact of improvements in other, smaller sectors such as timber and manganese. Imports are forecast to rise from an estimated US$2.5bn to US$3.1bn over the same period, owing to higher import prices and increased imports of capital goods on the back of the investment programme. That said, a weaker CFA franc could pare demand for non-capital goods imports. The services deficit will rise, as it is largely determined by import-associated transport costs and technical services. The income deficit is expected to reflect fluctuations in export receipts, as it is mainly driven by the repatriation of profits by foreign oil and mining companies. We envisage a current-account surplus of 14.3% of GDP in 2011, driven by higher oil prices and output as well as iron output possibly coming on stream. The surplus will narrow to a forecast 12.2% of GDP in 2012, based on slightly lower oil output and prices.